A Tradition of Disciplined Bond Management

Thornburg Investment Management was founded by Garrett Thornburg in 1982 on the belief that fixed income managers could do a better job of preserving wealth after investors account for inflation, taxes, and expenses. For more than 30 years, we have sought — through a responsible, straightforward, organic approach to bond management — to provide investors with attractive returns and relative stability of principal.

We launched our first fixed income product in 1984 in the form of the Limited Term Municipal Fund — a laddered portfolio of municipal bonds from throughout the country. Between then and 1995, we began a series of similar, actively managed laddered portfolios, both taxable and tax-free, that can serve as core components of a diversified portfolio. From the Intermediate Municipal Strategy to the Limited Term Income Strategy, each of these conservative portfolios has followed the same tested strategy since inception, which are defined by their flexibility.

A Conservative View of the Role of Bonds in a Portfolio

We view the role of bonds in a portfolio more conservatively than many asset managers. We don’t employ complex, exotic, and risky tactics in an effort to “juice” returns, and believe that a fixed-income position should serve as the ballast for a well-diversified portfolio, not as the sails of the ship.

A Straightforward, Organic Investment Approach

Trade DeskWe seek the best relative value across a broad array of asset classes. Our strategies are typically simple and straightforward. We don’t reach for yield; we conduct rigorous credit research and invest only when the risk/reward tradeoff appears tilted decidedly in the shareholder’s favor. Our portfolios are run on a cash-only basis, meaning that we don’t employ leverage or complex trading tactics to try to grab return.

Thornburg’s structure as a global manager means that each of our portfolio managers and analysts works across a broad array of geographies, sectors, asset classes, and security types, and is conducive to a free exchange of ideas in the pursuit of the best relative-value opportunities.

Investments in the Strategy carry risks, including possible loss of principal. Carefully consider the Strategy’s investment objectives, risks, and expenses before investing. There is no guarantee that the portfolio will meet its investment objectives.

Diversification does not assure or guarantee better performance and cannot eliminate the risk of investment losses.

The laddering strategy does not assure or guarantee better performance than a non-laddered portfolio and cannot eliminate the risk of investment losses.